August 7, 2018 / 9:24 AM / a year ago

Frutarom shareholders approve $7.1 billion deal with IFF

TEL AVIV (Reuters) - Shareholders in flavours and ingredients maker Frutarom FRUT.TA have approved its $7.1 billion (£5.5 billion) acquisition by International Flavors & Fragrances (IFF.N), the Israeli company said on Tuesday.

Frutarom said 94.6 percent of the shareholders who participated in the special meeting, representing 74.7 percent of the voting rights in the company, approved the deal.

IFF said in May it would buy Frutarom in a cash and stock deal as it vies for the industry’s top spot with market leader Givaudan (GIVN.S).

Frutarom shareholders, however, rejected granting CEO Ori Yehudai a special one-time bonus of $20 million.

The deal, which is subject to regulatory approval, is expected to close in the fourth quarter, Frutarom said.

Reporting by Tova Cohen, Editing by Ari Rabinovitch

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